Wednesday, March 14, 2018
Gasoline prices averaged $2.750 per gallon in the New York-Newark-Jersey City area in February 2018, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli noted that gasoline prices were up $0.258 compared to last February when area households paid $2.492 per gallon. Electricity prices averaged 19.8 cents per kilowatt hour (kWh), up from the 19.4 cents per kWh paid in February 2017. The average price of utility (piped) gas, at $1.241 per therm, was more than last February’s price of $1.130. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
At $2.750 a gallon, the price of gasoline in the New York area was 4.5 percent higher than the $2.632 national average in February 2018. A year earlier, consumers in the New York area paid 5.6 percent more than the national average. In three of the last five years, the local price of a gallon of gasoline has exceeded the national average by more than 4 percent in the month of February. (See chart 1.)
The 19.8 cents per kWh New York households paid for electricity in February 2018 was 47 percent more than the national average of 13.5 cents per kWh. Last February, electricity prices were 44 percent higher in New York compared to the nation. In the past five years, electricity charges for local area consumers in February were 36 to 59 percent more than the national average. (See chart 2.)
The average price paid in February 2018 by New York area consumers for utility (piped) gas, commonly referred to as natural gas, was $1.241 per therm, 15 percent more than the national average of $1.077. In 2017, area consumers paid 13 percent more than the national average. In three of the past five years, the per-therm cost for natural gas in the New York in February exceeded the U.S. average by more than 11 percent. (See chart 3.)
The New York-Newark-Jersey City, N.Y.-N.J.-Pa., Core Based Statistical Area includes Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York; Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey; and Pike County in Pennsylvania.
The Consumer Price Index for March 2018 is scheduled to be released on Wednesday, April 11, 2018 at 8:30 a.m. (ET).
Average prices are estimated from Consumer Price Index (CPI) data for selected commodity series to support the research and analytic needs of CPI data users. Average prices for electricity, utility (piped) gas, and gasoline are published monthly for the U.S. city average, the 4 regions, 9 divisions, 2 population size classes, 8 region/size-class cross-classifications, and the 23 largest local index areas. For electricity, average prices per kilowatt-hour (kWh) are published. For utility (piped) gas, average prices per therm, are published. For gasoline, the average price per gallon is published. Average prices for commonly available grades of gasoline are published as well as the average price across all grades.
All eligible prices are converted to a price per normalized quantity. These prices are then used to estimate a price for a defined fixed quantity. The average price per kilowatt-hour represents the total bill divided by the kilowatt-hour usage. The total bill is the sum of all items applicable to all consumers appearing on an electricity bill including, but not limited to, variable rates per kWh, fixed costs, taxes, surcharges, and credits. This calculation also applies to the average price per therm for utility (piped) gas.
Information in this release will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200; Federal Relay Service: 800-877-8339.
|Year and month||Gasoline per gallon||Electricity per kWh||Utility (piped) gas per therm|
|New York||United States||New York||United States||New York||United States|
Last Modified Date: Wednesday, March 14, 2018